Cook announces budget model review

Iowa State will conduct a review of its budget model over the coming months as part of President David Cook's "Listen. Learn. Lead." initiative.

The review will engage an external consultant to assess how Iowa State's current budget model aligns with the land-grant mission, strategic plan, academic priorities, peer best practices and long-term financial sustainability. The goal of the review is to ensure the budget framework promotes transparency, supports growth and enables the university to respond effectively to evolving needs and opportunities.

Initiating a comprehensive review of the current budget model now is timely because it aligns with the Iowa Board of Regents' Revenue Enhancement and Productivity Study (REAPS), created in December. The two efforts share a common goal of achieving greater efficiency and effectiveness by identifying areas of opportunity. The budget review, however, is a distinct, Iowa State-focused initiative.

Cook noted the review does not presuppose any specific outcomes, rather "the goal is thoughtful evaluation," he said. "It is critical that we have a budget model that is clear, transparent and adaptable to meet Iowa State's land-grant mission and position the university for a strong future." 

Iowa State's current budget model, the Resource Management Model, was established in 2009 and last reviewed in 2012. Any recommendations developed through this process will be advisory in nature and reviewed by senior leaders before decisions are made. Stakeholders will be engaged throughout the process.

Executive sponsors, steering committee

Cook will guide the review as an executive sponsor, along with senior vice presidents Jason Keith (academic affairs), Sean Reeder (operations and finance) and Toyia Younger (student affairs). A steering committee also has been appointed to work with the consultant throughout the process. Its members include:

• Co-chair Bonnie Whalen, associate vice president for institutional financial strategy
• Co-chair Mike Francom, strategic budget and finance advisor, academic affairs division
• Rachel Boenigk, director of administrative services, student affairs division
• Kristen Constant, vice president for information technology and chief information officer
• Kristi Darr, vice president for university human resources
• Michael Norton, general counsel and special advisor to university athletics
• Peter Dorhout, vice president for research
• David Spalding, vice president for economic development and industry relations
• Jason Henderson, vice president for extension and outreach
• Sam Easterling, dean, College of Engineering (dean representative)
• Katharine Suski, associate vice president for enrollment management
• Michael Olsen, president-elect, Faculty Senate
• Jennifer Schroeder, president, P&S Council
• Larissa Holtmyer Jones, president, ISU Foundation

Additional information will be shared in Inside Iowa State when the review formally launches this summer.